"Father Figure" is believed to allude to Scott Borchetta, the owner of Big Machine Records who signed Swift and represented all her albums until 2019's Lover. Borchetta infamously sold Swift's entire catalogue to her nemesis, Scooter Braun. This year, Swift was finally able to buy it back for a reported $360 million.
"Father Figure" charts a person—allegedly Borchetta—plucking a bright-eyed young ingénue from obscurity and, in a style not unlike The Godfather, says, "Pulled up to you in the Jag, turned your rags into gold...You remind me of a younger me/I saw potential..." and, notably, the post chorus: "Leave it with me/I protect the family."
The song chronicles what the protagonist feels is his protégé's betrayal, with the lyrics: "Your thoughtless ambition sparked the ignition/On foolish decisions which led to misguided visions/That to fulfill your dreams, you had to get rid of me." That quite possibly is a reference to Swift's decision to leave Big Machine for Republic Records, in which she negotiated a groundbreaking deal to own her future masters.
Either Swift is swinging her victory in his face, or is still showing some signs of fear, because the song ends with, "You pulled the wrong trigger/This empire belongs to me." Is Swift or Borchetta talking? We'll never know...